Payday Loans in Mayslick, Kentucky

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No payday loan companies in Mayslick, KY. Consider companies in other cities:

Company nameAddressZip codePhone number
Quik Cash 3101 Richmond Rd #314, Lexington, KY 40509 +1 (859) 268 - 0826
Central Financial Services 125 Cowtown Rd, Hindman, KY 41822 +1 (606) 785 - 9871
Peoples Bank & Trust Co 524 Main St, Hazard, KY 41701 +1 (606) 436 - 2161
First American Cash Advance 3348 Hikes Ln #109, Louisville, KY 40220 +1 (502) 459 - 3818
Kwik Kash Pawn & Gun 1426 E John Rowan Blvd, Bardstown, KY 40004 +1 (502) 348 - 6718
Fast And Easy Payday Loans 1713 Cheak Ct, Louisville, KY 40213 +1 (800) 457 - 9519
Check Into Cash 463 Eastern Bypass, Richmond, KY 40475 +1 (859) 624 - 5224
Raymond James Financial Services 138 N Main St, Russellville, KY 42276 +1 (270) 726 - 5600
World Finance 942 S 12th St, Murray, KY 42071 +1 (270) 753 - 0735
Town & Country Bank and Trust Co. 90 W John Rowan Blvd 2100, Bardstown, KY 40004 +1 (502) 348 - 3911

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mayslick, KY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Florence, KY, Payday Loans in Georgetown, KY, Payday Loans in Hopkinsville, KY, Quick Loan in Louisville, KY, Payday Loan Without a Credit Check in Owensboro, KY and Payday Loans in Richmond, KY. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Mayslick, KY.

Are Payday Loans Legal In Mayslick, Kentucky?

Loan Rates and Fees, Laws and Regulations in Kentucky.

Kentucky Loan Regulations

Legal StatusLegal (Applies to check cashers only)
Interest Rate (APR, %)460
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term60 days
Number of Rollovers Allowed0
Finance Charges$15 per $100

Mayslick, KY payday loan calculator

Payday Loans in Mayslick, Kentucky

Life can be unpredictable, and financial emergencies can occur at any moment. Whether you need to pay for a car repair, a medical bill or any other unexpected expense, payday loans in Mayslick, Kentucky, can provide you with the funds you need to help you get through tough times. While payday loans have been a topic of debate throughout the years, they are legal in Kentucky for check cashers. This article will explore what you need to know about how payday loans work in Mayslick, Kentucky, and how to obtain them.

What are Payday Loans?

Payday loans are a type of short-term borrowing designed to help you get quick cash when you need it the most. Typically, payday loans are for small amounts of money, and they are meant to be repaid in a short period, in most cases two to four weeks, or on your next pay date. They are often considered a high-cost form of credit, given that the annual percentage rate (APR) can be higher than for other types of loans. However, payday loans are still a viable option for those who need immediate funds, especially when they have limited options.

How do Payday Loans Work in Mayslick, Kentucky?

In Mayslick, Kentucky, payday loans are only legal for check cashers. To obtain a payday loan, you will need to provide proof of income, such as a paystub or bank statement, and a valid photo ID. The loan amounts vary, but typically range anywhere between $100 and $500. The lender will provide you with the loan amount in cash, check, or credit transfer. The repayment period for payday loans in Mayslick, Kentucky, is typically two weeks, coinciding with your next payday. However, if you cannot repay the loan by the due date, the lender may offer you an extension, or a rollover, if requested.

What are the Requirements for Obtaining a Payday Loan in Mayslick, Kentucky?

To be eligible for a payday loan in Mayslick, Kentucky, you must meet specific requirements. These requirements vary depending on the lender, but most often include:

  • Being at least 18 years old.
  • Having a valid ID (driver’s license, state-issued ID or passport).
  • Providing proof of income (pay stubs, bank statements).
  • Have a checking account.
  • Provide a working phone number and email address.

What are the Risks of Payday Loans in Mayslick, Kentucky?

Payday loans can be risky because of high-interest rates, which can lead to a constant cycle of debt. In Kentucky, the maximum interest rate that payday lenders can charge on loans is around 460%, according to the Kentucky Department of Financial Institutions. If you cannot repay the loan amount on time, the debt can quickly accumulate, and you may be required to pay additional fees, which can make it difficult to break the cycle. It’s crucial to understand the terms of the payday loan agreement, including the fees, before signing on the dotted line.

Interesting Facts:

  • According to a 2019 report by the Kentucky Coalition for Responsible Lending, payday loans in Kentucky have an average APR of 414%, which is among the highest in the country.
  • Despite the high APR, Kentucky reported more than 2.5 million payday loans taken out in 2019, with an outstanding principal amount of over $537 million.
  • Most payday lenders operate in low-income areas, where residents may struggle to access traditional banking services.

Apply Now

If you need a payday loan in Mayslick, Kentucky, TheGuaranteedLoans can facilitate your connection to potential lenders. As a connector service, we work with a network of reputable lenders who can offer you short-term loans to meet your financial needs. Fill out our simple and secure online application form, and we’ll match you with lenders who can provide options in minutes. Remember, we are not a direct lender, and we do not make any lending decisions. We are a connector service working to help you find the right lender to fit your needs.

In Conclusion

Payday loans can be a useful tool for those facing financial emergencies or unexpected expenses. However, they can also be quite risky, especially if you do not fully understand the terms of the loan agreement. Before signing up for a payday loan in Mayslick, Kentucky, ensure that you consider other alternatives and understand the risks involved. Remember that payday loans should only be used as a last resort when other options have been exhausted. With TheGuaranteedLoans, you can connect with potential lenders and get the funds you need to help you get through tough times.

F.A.Q.

Are payday loans legal in Mayslick, Kentucky?

Yes, payday loans are legal in Mayslick, Kentucky.

What is the maximum loan amount I can borrow in Mayslick, Kentucky?

The maximum loan amount you can borrow in Mayslick, Kentucky is $500.